Eligible Repurchase Program definition

Eligible Repurchase Program means, at any time, a Repurchase Program offered by an Eligible Repurchase Manufacturer or Eligible Type II Repurchase Manufacturer (a) pursuant to which the Repurchase Price (or the price guaranteed to be received at an auction conducted by or within the requirements established by the Manufacturer) is at least equal to the Capitalized Cost of each Group V Vehicle, minus all Depreciation Charges accrued with respect to such Group V Vehicle prior to the date that the Group V Vehicle is submitted for repurchase, minus Excess Mileage Charges, minus Excess Damage Charges and minus any other charges specified in such Repurchase Program, (b) that cannot be amended or terminated with respect to any Group V Vehicle after the purchase of that Group V Vehicle, and (c) the collateral assignment of the benefits of which to the Trustee has been on or prior to the 30th day after the date hereof acknowledged in writing by the related Manufacturer pursuant to an Assignment Agreement, and TFFC (and the Trustee on behalf of TFFC) has been provided on or prior to the 30th day after the date hereof with an officer's certificate or opinion of counsel reasonably satisfactory to the Trustee and each Rating Agency that TFFC (and the Trustee on behalf of TFFC) can enforce the applicable Manufacturer's obligations thereunder; provided, however, that with respect to a Repurchase Program for any model year beginning with 2002 and thereafter, (i) TFFC shall have obtained (and delivered to the Trustee) Rating Agency Confirmation with respect to the acquisition of Group V Vehicles of such model year pursuant to such Repurchase Program and (ii) in the event there is a major change to a Repurchase Program during a model year, Rating Agency Confirmation with respect to the acquisition of Group V Vehicles pursuant to such Repurchase Program.

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Eligible Repurchase Program means a repurchase program or guaranteed depreciation program (a) of an Eligible Manufacturer, (b) pursuant to which the repurchase price (or the price guaranteed to be received at auction) is at least equal to the Capitalized Cost of each vehicle, minus all Depreciation Charges accrued with respect to such vehicle prior to the date that the vehicle is submitted for repurchase or auction, minus Excess Mileage Charges, Excess Damage Charges and any other charges specified in such program, (c) that cannot be amended or terminated with respect to any vehicle after the purchase of that vehicle, (d) with respect to which a Manufacturer Event of Default has not occurred which is continuing, (e) the terms of which are otherwise acceptable to the Administrative Agent, and (f) the benefits of which have been collaterally assigned to the Collateral Agent by an agreement acknowledged in writing by the related Manufacturer and TFFC and the Collateral Agent have been provided with an opinion of counsel or, if agreed by the Administrative Agent, a certificate of an officer of the Manufacturer, in form and substance reasonably satisfactory to such parties, that TFFC and the Collateral Agent can enforce the applicable Manufacturer's obligations thereunder.

Eligible Repurchase Program means, at any time, a Repurchase Program (as defined in this Supplement) offered by an Eligible Manufacturer and currently in effect (a) pursuant to which the Repurchase Price (or the price guaranteed to be received at an auction conducted by or within the requirements established by the Eligible Manufacturer) is at least equal to the Capitalized Cost of each vehicle, minus all Depreciation Charges accrued with respect to such Vehicle prior to the date that the vehicle is submitted for repurchase, minus Excess Mileage Charges, minus Excess Damage Charges and minus any other charges specified in such Repurchase Program, (b) that cannot be amended or terminated with respect to any Vehicle after the purchase of that Vehicle, and (c) if such date of determination of eligibility is on or after May 29, 1997, the benefits of which have been collaterally assigned to the Trustee or to the Master Collateral Agent, pursuant to an Assignment Agreement acknowledged in writing by the related Manufacturer, and TFFC (and the Trustee on behalf of TFFC) has been provided (if such date of determination of eligibility is on or after May 29, 1997) with an opinion of counsel reasonably satisfactory to the Trustee that the Master Collateral Agent of behalf of the Trustee and TFFC can enforce the applicable Manufacturer's obligations thereunder; provided, however, that with respect to a Repurchase Program for any model year beginning with 1998 and thereafter, if the

Examples of Eligible Repurchase Program in a sentence

Coordinating as necessary with international and non-governmental organizations in Bosnia and Herzegovina.
Each Lessee will comply with the requirements of law and the requirements of the Repurchase Programs in connection with, among other things, the delivery of Certificates of Title and documents of transfer signed as necessary in connection with the sale of any Group II Vehicle to a third party or the return of any Group II Repurchase Vehicle in accordance with an Eligible Repurchase Program.
This Agreement, together with any other related documents attached to this Agreement or submitted with a Group III Vehicle Order or Refinancing Schedule, including without limitation any documents in connection with an Eligible Repurchase Program (collectively, the "Supplemental Documents"), will constitute the entire agreement regarding the leasing of Vehicles by the Lessor to the Lessees hereunder.
This Agreement, together with any other related documents attached to this Agreement or submitted with a Series 1996-1 Vehicle Order, including without limitation any documents in connection with an Eligible Repurchase Program (collectively, the "Supplemental Documents"), will constitute the entire agreement regarding the leasing of Vehicles that are Manufacturer Acquired Vehicles by the Lessor to the Lessees.
Any member of the Lessee Group that places a Group III Vehicle Order for a Group III Repurchase Vehicle pursuant to this Agreement agrees that all Group III Repurchase Vehicles ordered as provided herein shall be ordered utilizing the procedures consistent with the applicable Eligible Repurchase Program.
Each Lessee will comply with the requirements of law and the requirements of the Repurchase Programs, with respect to Repurchase Vehicles, in connection with, among other things, the delivery of Certificates of Title and documents of transfer signed as necessary in connection with the sale of any Vehicle to a third party or return of such Vehicle in accordance with an Eligible Repurchase Program.
This Agreement, together with any other related documents attached to this Agreement or submitted with a Group IV Vehicle Order or Refinancing Schedule, including without limitation any documents in connection with an Eligible Repurchase Program (collectively, the "Supplemental Documents"), will constitute the entire agreement regarding the leasing of Vehicles by the Lessor to the Lessees hereunder.
On the date of each Borrowing, each Manufacturer and each Repurchase Program in respect of which any portion of the Borrowing Base is calculated (including any portion of the Borrowing Base comprising the value of any Loans used to purchase Vehicles from such Manufacturer or finance Vehicles of such Manufacturer) shall be an Eligible Manufacturer and Eligible Repurchase Program, respectively.
Each Lessee will comply with the requirements of law and, with respect to Group III Repurchase Vehicles, the requirements of the Repurchase Programs in connection with, among other things, the delivery of Certificates of Title and documents of transfer signed as necessary in connection with the sale of any Group III Vehicle to a third party or the return of any Group III Repurchase Vehicle in accordance with an Eligible Repurchase Program.
Subject to the provisions of Section 21 hereof regarding Eligibility Waiver Events), any member of the Lessee Group that places a Vehicle Order pursuant to this Agreement agrees that all Vehicles ordered as provided herein shall be ordered utilizing the procedures consistent with an Eligible Repurchase Program.

More Definitions of Eligible Repurchase Program

Eligible Repurchase Program means, at any time, a Repurchase Program (as defined in this Supplement) offered by an Eligible Type I Repurchase Manufacturer or Eligible Type II Repurchase Manufacturer (a) pursuant to which the Repurchase Price (or the price guaranteed to be received at an auction conducted by or within the requirements established by such Manufacturer) is at least equal to the Capitalized Cost of each Group IV Repurchase Vehicle, minus all Depreciation Charges accrued with respect to such Group IV Vehicle prior to the date that the Group IV Vehicle is submitted for repurchase or auction, minus Excess Mileage Charges, minus Excess Damage Charges and minus

Eligible Repurchase Program means, at any time, a Repurchase Program that is in full force and effect with an Eligible Manufacturer (a) pursuant to which the Repurchase Price is at least equal to (i) with respect to GM's Matrix Repurchase Program, a specified percentage of the Capitalized Cost of each Vehicle, such percentage being determined for each Vehicle based upon the model year of such Vehicle and the calendar month in which such Vehicle is returned to GM, minus (A) Excess Mileage Charges, (B) Excess Damage Charges and (C) Missing Equipment Charges, or (ii) with respect to any other Manufacturer or any other Repurchase Program of GM, the Capitalized Cost of each Vehicle, minus (A) all Depreciation Charges accrued with respect to such Vehicle prior to the date that the Vehicle is submitted for repurchase, (B) Excess Mileage Charges, (C) Excess Damage Charges and (D) Missing Equipment Charges, (b) that cannot be amended or terminated with respect to any Vehicle after the purchase of that Vehicle, and (c) under which, with respect to Acquired Vehicles, NFLP is an Authorized Fleet Purchaser or, with respect to Financed Vehicles, National is an Authorized Fleet Purchaser and, in each case, the assignment of the benefits of which to the Master Collateral Agent for the benefit of the Trustee (on behalf of the Series 1996-2 Noteholder) and the NFC Collateral Agent (on behalf of the NFC Secured Parties) has been acknowledged in writing by the related Manufacturer, and NFLP, the Master Collateral Agent, the Trustee and the NFC Collateral Agent have been provided with an opinion of counsel reasonably satisfactory to them that NFLP (and the Master Collateral Agent on behalf of NFLP, the Trustee and the NFC Collateral Agent) can enforce the applicable Manufacturer's obligations thereunder; provided that (a) with respect to any new Repurchase Program (including a new model year Repurchase Program of an Eligible Manufacturer and a Repurchase Program of a new Manufacturer) that is proposed for consideration after the date hereof as an Eligible Repurchase Program, prior to such new Repurchase Program constituting an "Eligible Repurchase Program" hereunder, the Rating Agencies have been given 30 days notice (or such shorter period of time as shall be acceptable to the Rating Agencies) of a draft of such new Repurchase Program as it then exists at the time of such notice (and shall be provided a final copy of such Repurchase Program promptly upon its being available) and shall have consented to ...